The New York State financial landscape is akin to the national economy’s meltdown. First, foreclosures are cropping up every week with what could be regarded as one of the fastest rate in the state’s history. Second, unemployment has gone way higher as the economy turned sour and hurt financial companies in the area.

Wall Street is after all the center and origin of this national epidemic. The massive securitization of mortgages shook all aspects of the economy and retarded the growth of the real estate industry. The excess lending among investment bankers was off on the wrong foot in the first place and nothing immediate could be done to fix the crisis that ensued.

In Manhattan, apartment sales are on a tailspin with no projections of early recovery. Mayor Michael Bloomberg has expressed his concern on the decaying Manhattan property market a few months ago. There’s no long term solution yet and sellers would have to contend with the harsh conditions of the local market.

With the dissolution of Lehman Brothers and a string of other bankruptcies, Wall Street forced employees out of their offices and let them suffer in a contracting economy. Most of these workers used to occupy Manhattan apartments that ran to thousands of dollars a month just for the rent. Now that these employees’ pink slips have alarmed them to give up their lavish lifestyles, Manhattan’s property market prices are rapidly deflating. Adding pressure is the unforgiving tax rates that cripple the residents. RealtyOutlook.com predicts home values to drop by a substantial 19 percent including the lofts and condominiums in the city’s high-end blocks.

In Buffalo, manufacturing employment is dropping at worse levels. Homes sales are at a sluggish pace as buyers cannot access credit markets that were once on a loose of meeting their loan quotas. The mortgage environment is definitely in a different scenario this time. Foreclosures will continue to saturate the market and pressure home prices downward by 12 percent this year.

Glens Falls is a haven for the filthy rich who were willing to put their money in properties especially condominiums. Until the recession held up the local economy, consumer confidence was on a strong level. But the real estate market nose dived as home values were pounded by rising foreclosures. Because of this, the Warren County city will be in more difficulty when home prices sink by 14.5 percent.

Long Island’s Hauppauge Industrial Park is now slashing employees due to the weak sales of the companies that are located in the area. Because of this, the foreclosure situation is in a dire state. As homeowners find themselves with deeper pockets, buyer turnout is slow to a crawl. It has hurt home values in this southeastern island to a great extent. Home values will be going down by 14.5 percent. Other boroughs such as Brooklyn and the Bronx are also following the same downturn.

The Syracuse real estate situation is currently in a pipe down. The fifth largest city in the state is losing its workforce as business services, manufacturing and even the education sector is cutting jobs to avoid ceasing operations. This has lead laid off homeowners to get in trouble with their mortgage payments. This year, RealtyOutlook.com forecasts a 10.5 percent depreciation of home values.

Albany’s housing market used to be selling at high rates. The real estate industry was largely driven by investor demand who want to take advantage of the city’s commercial and artistic community. But today’s recession is hitting a big blow at the economy with unaffordable property taxes and insurance fees further crippling homeowners. Expect property markets to lose 11 percent more of its value in 2009.

Retail, technology and other business services dominate the Rochester commercial scene. But the city’s economy is witnessing eroding market conditions currently. The housing sector is hampered by mortgages that have become too expensive to handle. Home sellers are seeking buyers but even with the assistance of brokers and buyer’s agents, nothing can stir up market activity. RealtyOutlook.com expects a 10 percent fall in home prices in the Flower City.